I will be 40 next week. Anticipate completion of ATPL by the end of this year. Expect to get some sort of flying job in 2002 (maybe instructing, but who knows)...and if I am lucky maybe a 'paying job' the year after.
Try reading the numerous postings that have been made by ppruners on the subject of age. It is not clear cut as to whether it is worth it financially after the age of 40, but money isn't everything (unless you're skint).
What is your motivation?